The State Property Fund of Ukraine Reports an Attempt to Sabotage the Privatization of Ocean Plaza
The head of the State Property Fund stated that the actions of law enforcement agencies and the charges brought by the prosecutor’s office could derail the sale of the Ocean Plaza shopping mall in Kyiv. The State Property Fund insists that the privatization process is proceeding in accordance with the law and is based on an independent appraisal.
Dmytro Natalukha, head of the State Property Fund, stated that informational and legal pressure is mounting around the preparations for the sale of the Ocean Plaza shopping and entertainment center, which, in his opinion, could effectively derail the privatization of the property. He asserts that the prosecutor’s office’s allegations regarding a possible undervaluation and interference in the appraisal process do not correspond to the actual mechanism for selling state assets.
According to him, the State Property Fund does not set the price of the property on its own and does not conduct the appraisal directly; rather, this is done by independent appraisers with the appropriate certification, and their conclusions undergo additional verification and review. Afterward, the starting price is submitted for approval, and in cases involving high values, it is approved by the government. “The Fund does not determine the value of the shopping center, does not conduct the appraisal, and is technically unable to sell it to a predetermined party,” Natalukha noted, emphasizing that the sale will take place via the Prozorro online auction, where, according to him, it is impossible to manually select a buyer.
He also stated that the final terms of the sale have not even been determined yet—neither the date nor the method of sale—which, in his opinion, makes accusations of “undervaluation” premature. “How can you undervalue something that hasn’t even been determined yet?” he added.
Separately, the head of the State Property Fund of Ukraine stated that public accusations and investigative actions surrounding the property could dampen the interest of potential investors and generally affect privatization processes in the country. “Few investors will now be willing to take the risk of buying a shopping mall if law enforcement officials have already shown up there even before the asset is put up for sale,” he said. Natalukha also claims that such actions could benefit the asset’s former owners and complicate the restoration of state control over a number of enterprises. He listed several other large-scale privatization projects among them and stated that the processes surrounding them also remain sensitive.
According to him, the situation surrounding Ocean Plaza is only part of a broader process that is likely to remain tense in the near future. “The next few weeks, if not months, will be very turbulent,” he concluded. Dmytro Natalukha, head of the State Property Fund, wrote about this on Facebook.
The Main Investigative Directorate of the National Police is investigating a criminal case involving abuse of power or official position that resulted in serious consequences. The investigation concerns possible abuses during preparations for the privatization of the capital’s Ocean Plaza shopping and entertainment center—a large-scale asset that had previously been confiscated as state revenue.
The government had planned to raise approximately $100 million from the privatization of the Ocean Plaza shopping and entertainment center.
It was previously reported that the State Property Fund of Ukraine plans to put the Ocean Plaza shopping and entertainment center in Kyiv up for sale in the third quarter of 2026.
Previously, the Cabinet of Ministers approved a decision to sell the Ocean Plaza shopping and entertainment center in Kyiv. The property is planned to be sold through an open auction organized by the State Property Fund of Ukraine. The sale is expected to take place in accordance with the procedures established by law, with all privatization procedures followed.
